Georgia Employer’s Statutory Bond

A Georgia Employer’s Statutory Bond is a type of surety bond required by the Georgia Department of Labor (DOL) for certain employers registered under the state’s Employment Security Law.  The specific bond amount is determined by the Georgia Department of Labor. The cost of the surety bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150. Surety1 will shop its many markets to procure the right price at the right terms.

How to Get a Georgia Employer’s Statutory Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. ²
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Georgia Employer’s Statutory Bond will be shipped to the bond applicant.
^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required}

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

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Important Information About the Surety Bond

Who Needs It:

This bond applies to employers who have opted for reimbursable coverage for unemployment insurance instead of paying traditional unemployment taxes. This option is typically chosen by non-profit organizations and employee leasing companies.

What the Georgia Employer’s Statutory Bond Guarantees:

The bond ensures the employer will:

• File all required reports on time (e.g., wage reports, unemployment claims)
• Comply with all regulations set forth by the Employment Security Law
• Pay all unemployment contributions owed to the state, including interest and penalties if applicable

How the Surety Bond Works:

If an employer breaches these conditions, the DOL can file a claim against the bond. This compels the surety company that issued the bond to compensate the DOL for the financial losses incurred. This could include unpaid contributions, penalties, or benefits owed to unemployed workers. In essence, the bond protects the state and employees from potential financial losses caused by a non-compliant employer. If the surety company pays a claim on the bond, it will seek restitution from the bond principal and its indemnitors.

Additional Information:

• Bond Amount: The specific bond amount is determined by the Georgia Department of Labor and may vary depending on factors like the employer’s size and payroll history.
• For further information, you can refer to the Georgia Department of Labor website: Surety Bonds | Georgia Department of Labor: https://dol.georgia.gov/surety-bonds

The information provided above is for general informational purposes only and does not constitute legal advice.  Do not rely solely on the information presented here as a substitute for professional legal counsel.